July 26, 2019
Trends in Insurance | How Can We Prevent Fraud?
Across the board, insurers found they were experiencing a huge…
Examining the evolution of technology, we have been caught in a trend moving toward natural conversations. The start of this timeline begins with computers, which quickly made their way to being a major force of communication, whether that was through the first emails or internet searches. Bound to the hardwired interface in computers was typing – something that had to be learned, and with that came written passwords.
The advent of smartphones made touch the new star of conversations – leaving typing in our second nature. This era was defined by the “swipe” of a touch screen, still requiring passwords, but with the involvement of two factor authentication. So, what is comes after touch?
That is where voice comes in – the era that is standing in front of us today. Voice doesn’t require an interface that has to be learned; it is as natural as having a conversation with a friend. Typed passwords are moving into the past, with the era of voice offering a password you always have with you – your voice.
To identify some of the trends associated with emerging voice technology, Pindrop conducted a study, including 500 respondents restricted to IT and business leaders. We found that today, 28% of businesses are using voice technology to communicate with customers. In one year, that number is expected to almost triple – with 83% expected to use voice to communicate with customers. At this point, you may be asking yourself, “How will the increased use of voice tech impact my organization?”According to our survey, 94% of respondents believed voice would be a driver of customer satisfaction, and 56% thought it would drive down costs, while offering a competitive advantage (88%). While all of these factors seem to be positive, your customers will have concerns over the implementation of voice technology.Our survey says that the concern from your customers will come from a security standpoint. 80% of the respondents hold concern surrounding business’ ability to keep voice acquired data safe, 88% fear data misuse will slow adoption, and 82% have concerns over how fraud will impact adoption.
In the end, if enterprises want to leverage cost savings, customer satisfaction benefits, and competitive advantages, they must address security in voice applications to help encourage adoption. After all, most of the blocks customers’ have in adopting voice technology on an enterprise level are tied to security concerns.